U.S. Banks Are Terrified of Chinese Payment Apps

[beijingwalker]

U.S. Banks Are Terrified of Chinese Payment Apps

 

[maximuswarrior]

Mam what an incredible paranoia.

 

[xyxmt]

how does Ali Pay process the payment if there is no bank account involved

 

[beijingwalker]

how does Ali Pay process the payment if there is no bank account involved

Through Ali Pay itself, everyone has Alipay and evreywhere you can pay with it, you don't have to see cash. But you can't turn the money into cash if your Alipay is not connceted to a bank account, but cash is a thing of the past, so it doesn't really matter.

 

[xyxmt]

Through Ali Pay itself, everyone has Alipay and evreywhere you can pay with it, you don't have to see cash. But you can't turn the money into cash if your Alipay is not connceted to a bank account, but cash is a thing of the past, so it doesn't really matter.

what I am saying is that a bank account is always involved, If i have ali pay then my Ali pay must be connected to an account be it at the local bank or Ali Pay account.

 

[rcrmj]

how does Ali Pay process the payment if there is no bank account involved

alipay or wechat pay is an account itself, furthermore has all the functions of debit, credit, social security, public transport and medical care cards all together`````as long as you have your ID and a phone number you can virtually pay anything from property to a shag of convenience`````

a ture cashless society````

 

[Hamartia Antidote]

what I am saying is that a bank account is always involved, If i have ali pay then my Ali pay must be connected to an account be it at the local bank or Ali Pay account.

Since he isn't drawing you a clear picture I will try.

I believe you have to transfer money out of your bank to the Ali Pay account. Ali Pay is more like a brokerage account (like E*Trade) than a bank. You invest the money in your account and also use it to shop.

 

[xyxmt]

Since he isn't drawing you a clear picture I will try.

I believe you have to transfer money out of your bank to the Ali Pay account. Ali Pay is more like a brokerage account (like E*Trade) than a bank. You invest the money in your account and also use it to shop.

this is how i would understand it will work too
then why does the article say you dont need a bank account and banks are worried

 

[beijingwalker]

this is how i would understand it will work too
then why does the article say you dont need a bank account and banks are worried

It doesn't have to be connected to your bank account, you can google for details.

 

[52051]

this is how i would understand it will work too
then why does the article say you dont need a bank account and banks are worried

You can get a WeChat or Alipay account without provide your bank account.

Obviously without any input this account will has no money, only credits (btw, the credits has far lower interest rates than the US banks's credit cards, and no annual fee either), so you can either ask someone else to transfer money to you or you just use the account credits.

However if you use only credits in the account and by the end of due time you don't pay out your debt to the account your credit score in the software will be damaged, and so is your social credit scores.

My mother has a WeChat pay account, but she has not tied any bank accounts to that WeChat account, when she need money, she ask me or my father to transfer some money to her WeChat account through a mechanism called "WeChat hongbao", where you can give anyone money within WeChat chat windows, just like send a word in the chat box, very simple and easy.

 

[Awan68]

Mam what an incredible paranoia.

Its not paranoia, they did that to the world for decades hence they dont like it when its bieng done to them.

 

[rcrmj]

this is how i would understand it will work too
then why does the article say you dont need a bank account and banks are worried

you dont need bank accounts to use alipay and wechat pay`````they are in many ways banks too, just dont have physical branches like those traditional banks do````

 

[nahtanbob]

how does Ali Pay process the payment if there is no bank account involved

Ali Pay is the bank

American banks can easily build the virtual app. the real impact is in the business model. The real losers are the owners of bank real estate and more bank tellers

 

[beijingwalker]

Ali Pay is the bank

American banks can easily build the virtual app. the real impact is in the business model. The real losers are the owners of bank real estate and more bank tellers

The real winner are average consumers, they only need a phone to do everything, super convenient, tha't why you see in China people walking everywhere without carrying anything.

 

[xyxmt]

Ali Pay is the bank

American banks can easily build the virtual app. the real impact is in the business model. The real losers are the owners of bank real estate and more bank tellers

no the real looser are people who will loose their jobs, Banks are happy to close all branches and just make money on online transactions